In Beijing morning, the price of Bitcoin in the world's major cryptocurrency exchanges soared to more than $10,000 for the first time in 15 months. As of press time, according to QKL123 market data, bitcoin price is 10127 US dollars, the highest level since March 8, 2018, 24 hours increase more than 5%, up more than 13% from last month, other mainstream cryptocurrency prices are also common rise. The market value of Bitcoin has exceeded $180 billion, and the total market value of the cryptocurrency market has exceeded $300 billion.
Behind the rise in bitcoin prices is a 12% increase in trading volume. According to CoinMarketCap, the bitcoin traded on cryptocurrency exchanges was worth $21 billion in the past 24 hours. However, the research firm Messari reported that the “actual 10 exchanges” had a bitcoin transaction volume of $1.4 billion.
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With bitcoin prices exceeding $10,000, Bitcoin has risen 270% from around $3,700 in early 2019. In addition, it is expected to achieve a three-digit increase at the end of the second quarter. As of this writing, BTC grew by more than 130% quarter-on-quarter.
Bitcoin will be halved
Looking ahead, Bitcoin is likely to continue to rise as Bitcoin will halve block rewards sometime in May 2020. According to Bitcoin's design mechanism, every four years, the bitcoin reward for each block obtained by mining will be halved, resulting in a decline in the new bitcoin supply.
If Facebook's cryptocurrency, Libra, as predicted by some observers, will eventually increase the attractiveness and adoption rate of Bitcoin, halving the upcoming reward may result in a larger supply gap.
On Tuesday, Facebook's social media giant released the Libra white paper , which was criticized by experts, but most people think this is a positive development of bitcoin and cryptocurrency.
Although Bitcoin's long-term prospects are promising, this cryptocurrency may have a correction in the short term. After all, in the past 2.5 months, Bitcoin has risen by more than 140%, and after such an amazing increase, the bulls usually take a breather.
